Corn is trading lower this morning along with wheat as prices seem to slide downwards whenever Russia doesn’t launch a new attack on Ukraine’s ports.
Export sales will be released today and are expected to be slow, but new crop sales have picked up slightly over the past month as US corn prices fall.
US ethanol stocks rose by 2.4% to 23.435 m bbl, but analysts were expecting 22.83. Plant production was 1.069 m b/d compared to the survey average of 1.035.
The US is preparing to request a dispute resolution panel with Mexico claiming that their corn policy banning GMO corn violates the trade deal.
Soybeans are trading quietly this morning and are essentially unchanged as soybean meal slips lower but soybean oil continues on higher.
Soybean oil prices are getting a boost from higher palm oil on talk of increased imports from India, helping to firm soybean oil’s percent of crush value to 6-month highs, while also adding support to soybeans.
Brazilian food and fuel processor Caramuru Alimentos has started selling soybean based ethanol at one of its plants in Brazil.
In the EU, soybean imports were down slightly from the previous year at 1.33 mmt by August 13 compared to 1.58 mmt a year earlier.
All three wheat products are lower after a lack of activity in the Black Sea region last night. The progression of US harvest is also weighing on prices.
Brazil’s wheat crop is now seen at 11.19 mmt which is down 2.3% from the previous estimate. Their imports were unchanged at 5.77 mmt.
Ukraine’s August grain exports out of the Danube River are reported at 820,000 metric tons so far as the river becomes Ukraine’s main export route.
India is considering wheat imports from Russia of 9 mmt to calm local prices which have reached a 7-month high due to their own low wheat stocks.
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